On July 18, Guolonghui | Bank of America Securities released a research report stating that it is expected that Microsoft's revenue in the fourth quarter of this year will increase by 1%, mainly due to the continued strength of its cloud computing service Azure, the combination of high-end enterprise version solution of Office E3/E5, the attractiveness of the early large language model Microsoft Copilot, and a normalized PC/Windows purchasing environment. The bank expects that Microsoft's productivity and business processing (PBP) revenue will be $0.1 billion higher than expected, mainly because the growth rate of the commercial office business is small, with a conservative growth prospect of 14%; as for more personal computer (MPC) business, it will be $50 million higher than expected. With the continued strong performance of Azure and Office business, Microsoft's capital expenditures and sales costs will increase, and the company's revenue is expected to record double-digit growth, while the profit margin will decrease by 100 basis points. In addition, Bank of America Securities also believes that the Office business will achieve 20% growth in the first quarter of the 2026 fiscal year. The bank raised Microsoft's target price from $480 to $510 and reiterated a "buy" rating.